Don’t Give Up If Your Mortgage Application is Rejected

Just because your mortgage application has been rejected doesn’t mean you won’t eventually get funding.  Some borrowers succeed on the second or third attempt, usually with a different mortgage professional, and often several months later, after they have saved more money for a larger down payment or improved their credit score.

But before you retry, “you just have to look and see the reasons that it’s turned down,” and address these issues, said Marisol Torruella, a loan originator with the New York Municipal Credit Union, referring to the original application.

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